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EURUSD Daily Forecast: June 23

EURUSD Daily Forecast: June 23
Wednesday, June 23rd, 2010 @ 3:00 am by Setyo Wibowo

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

About Me My Articles

EURUSD Forecast
The EURUSD continue its bearish momentum yesterday. The bias remains bearish in nearest term but need consistent move below 1.2240 to continue the bearish pressure testing 1.2150 and the lower line of the major bullish channel (blue channel). Note that as long as price move inside the major bullish channel the upside correction scenario remains intact. So we still have conflicting bias between nearest and medium term. Price has been moving in a minor bearish channel (white channel) since failed to stay consistently above 1.2450 resistance area on Monday. Violation to that minor bearish channel and movement above 1.2300 – 1.2350 area could lead us into neutral area in nearest term.

Posted in Market Analysis

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